We all know about upcoming Hard Fork of Bitcoin Segwit 2x happening in November 2017, This hard fork has created a lot of confusion as well as expected to create a lot more complications in bitcoin network.
As it is not only coming up with another bitcoin chain split but also going to create a possibility of "Replay Attack"
If you want to know more about "Replay Attack", please refer to my previous post by clicking here
With all this mess in bitcoin network, it would be safer for people not to spend their bitcoin, and of that happens, people would start looking at alternatives to make transactions and trade.
Why Ethereum?
- Anonymous Transactions
- Lower Transaction Fee lower than ever
- Decentralized Mining
- ETH Trading Pairs on Exchanges
After the recent update ethereum has started making transactions anonymously. Now this was one reason, why people were looking at ethereum only in prospect of being a framework of blockchain and creating Decentralized applications or launching personalized cryptocurrency under ERC20 tokens.
Now believe it or not but there has been experiments, where people tried to send Ethereum transaction with the transaction fee lower than $0.01, and transactions didn't get stuck or pending but still got mined and went through with no issues. This is a huge deal which bitcoin can not provide specifically at this moment.
Ethereum mining is based on Equihash Algorithm which is currently ASIC proof, Which means Ethereum can only be mined through Graphic Processing Units (GPUs). This makes a cryptocurrency very powerful and decentralized. However in near future ETH has decided to shift it's consensus mechanism from PoW (Proof of Work) to PoS (Proof of Stake) by doing that ETH mining will be gone and instead of mining, people with more ETH coins will be earning more ETH coins on the basis of staking it on the network.
One of the major aspects of ETH going to moon would be ETH is not only listed on all the major exchanges but also being paired with other cryptocurrencies for trading, I believe trading would not be stopped at all and People who want to trade on any of the exchanges let it be Bittrex, Poloniex or anyother major exchange, They have the option to trade with ETH pairing rather than trading in BTC pairing
I am not a financial advisor by any means, I would request you to do your own research before investing in anything.
These are the facts that i have analysed so far, please correct me if i am wrong in any manner or missed something. As i love to improve my self (humans makes mistakes).
Please let me know your thoughts, what you think about ETH going to moon in the comment section below.
Nice post, but why Ethereum... I guess Litecoin is a much better alternative for transferring value. Or this Whale's favourite: ZenCash.
@whalereward i do agree upon transferring value litecoin would be fastest... but if you check the fact of replacing bitcoin in value transfer as well as trading alternate ETH is much better option of everyone...
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Nice post. I've always thought Ethereum has great potential. But of course we must remember that this is all speculative. I don't see it achieving anywhere near the growth Bitcoin has enjoyed.
Perhaps we could get you to do guest episode with us on Crypto nights @bunnychum ? To find out more, have a look at the recent post I've shared. Would love to hear your thoughts.
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@antonburton thank you mate, i am honored... will be checking your posts :)
Following you too...
Fantastic! Incase you weren't aware, our latest episode was uploaded last night. You received a special mention @bunnychum :)
Thank you @antonburton, I am truly honored...
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I agree ethereum will shot up soon. Migration from pow to pos itself is a big deal and not mention the big number of corporate projects. Ethereum may be one among the very few alt coins standing after a brutal storm soon!!!
Ethereum looks great for now. But once EOS network drops. Silicon Valley tech will be partnering with block.one and be building apps on EOS. FYI Silicon Valley venture capitalists are already invested in EOS and BTS then unfortunately ethereum will be taking a back seat as they cannot scale
@tt-dogg i do agree on this EOS has much brighter future than Ether but only when it rolls out... Until then it's hard to beat Ether...
Boom nailed it as Ethereum gets more public attention after these stupid hard forks for bitcoin it should very well moon and gain more public traction as Casper etc rolls out. Just wrote a post on this today if you care to check it out. Thanks!
@bitcoinflood thank you for your wonderful insight, just checked you post... Nicely Written...
Upvoted and Following you...
Great job! I also think that Ethereum has a bright future on front of it. Let's see where it will be after Bitcoin finishes with these hard forks.
@mejustandrew yes, it's just few days wait now...
we probably wont see much money leave bitcoin until after the segwit2x fork in a few weeks, though
@flygoing yes, it is highly likely for bitcoin to fall after 2x hard fork...
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Seriously, I am fed up of these hard forks. Even bitcoin-cash is having a hard fork, a hard fork of a hard fork that is, WTF!
Everyone I think ethereum might be about to gain some momentum it seems to lose it very quickly always around the early to mid 300's I think it will take some big news to push it past that for good. But for now I'm happy buying at ~280 then selling around 300 Every couple weeks.
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I'm being a little pedantic here, but it's not exactly true that Equihash is ASIC-proof. Someone could theoretically take an existing GPU design and strip out the circuits that aren't relevant to general GPU computing to develop a functional ASIC for the task. However, that's an extremely expensive proposition, and it's incredibly unlikely given Ethereum's plan to move to Proof of Stake. By the time an ASIC rolled around to manufacturing, it would already be obsolete.
@jasongreen that's alright mate... as i mentioned i like to be corrected...
Indeed is not completely ASIC proof, indeed, it's most like cheap ASIC proof :))
Well said, Etherium will be one of many altcoin winners in the near future for its ease of use and low fees.
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It's also gaining worldwide adoption! Here's an article I wrote about an Australian example of cryptocurrency use:
https://steemit.com/ethereum/@usethebitcoin/australian-university-uses-ether-to-reward-students
It is the matter of a time when ETH will take the main role
You made some valid points there. I agree that GPU mining is the future as this will allow more people to get involved without paying a lot for an ASIC machine. I don't like POS method because one had to contribute ethereum first to benefit.
But you have to buy GPUs first to benefit with GPU mining.
Yes and that's much cheaper than an ASCI machine. Most gamers have good GPUs already. That's why there was a shortage of GPUs in South Africa in the last few months.
Makes sense @bunnychum but let's see how the market really feels when the hardfork happens first for Bitgold. So far the market has yet to pick up Ethers from its potential and I also think Ether is very underrated in many ways. With that said, the market still follows Bitcoin the grand daddy of all cryptos. Check out my stuff too @mastaz upvoted/followed you.
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Totally agree with you, in fact I’m going to purchase some ether before the 2x fork, there is going to be a lot of movement in the next days on bitcoin chain, I think there is going to be a big correction after the fork
I have more faith in Ethereum simply because of it's versatility. Although a lot of confusion is being created with the Bitcoin hard forks, we can't deny it's a great opportunity to make some quick money. Money that can then be used to invest in Ethereum ;P
ETH will be the best crypto in a few years, no doubt
with Etherums popularity rising, sooner or later it will overtake bitcoin
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STOPEthereum has more usage than bitcoin !!!! Going to Rock !!!! You will hear loud music !!!!
Ethereum has more usage than bitcoin !!!! Going to Rock !!!! You will hear loud music !!!!
Yes, I think ethereum is definitely the way to go. Bitcoin has got all the attention so far, but in a way that may be a blessing in disguise. It's a good time to buy ether when it dips. Ultimately people should be looking at this long term because anything to do with blockchain is going to be awesome!
I think migrating consensus from pow to pos would be a difficult one for ethereum. Only time will tell. Ethereum looks promising at present.
Good Article!
Keep them coming
Regards
There was a fair amount of criticism from a lot of people within the crypto community who voiced their concern regarding etherium network, its stability, fork policy, scammy ICOs etc. It's still unclear whether they consider turning to POS any time soon. It's not decentralized as it depends greatly on Vitalik and his dev team. One must give them credit, though, that ETH is the second cryptocurrency in the market, closely chasing bitcoin. Then, again, ETC (Classic) has lower tx fees.
There are other options, too. Cryptonight-based cryptos, for example. And if you read https://steemit.com/altcoin/@valiozzi/palm-beach-report-leak-zencash-zen-viewed-as-a-newly-emerging-privacy-coin-with-huge-investing-potential, you will also learn about equihash algo coins.
Another advantage of Ethereum is the potential it has to appeal to all the people hesitating to invest in Bitcoin because of the fact that we don't know who found bitcoin.
People tend to trust a project if they trust the one that found it.
One of Ethereums biggest pro's is also it's biggest con IMO. That is ICO's cashing in every time they need money or worse, fold. But even with that burden I see it going up by a bigger % than BTC in the next 12 months.
The only problem with Ethereum as an investment is that the supply is not fixed. Therefore it will always be priced lower than Bitcoin even if it has the same market cap.
Thanks for sharing! :-)
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nice analysis and content; thank you. go ETH
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nice post
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